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DLF, GIC to develop residential project in New Delhi

DLF Ltd. and Singaporean sovereign wealth fund GIC are planning to develop a high-rise residential development in the Moti Nagar area in New Delhi, The Economic Times of India reported.

The development follows a completed stake deal between the two parties, under which GIC bought a 33.34% stake in DLF's rental arm for 89.56 billion Indian rupees.

The project will yield about 7 million square feet of saleable area and will sit on the diversified real estate developer's 38-acre site, which it bought in 2007 from DCM Shriram Consolidated and Lohia Group for 15.82 billion rupees, according to the report. Three phases of DLF's Capital Greens project and a commercial building are already standing on the site.

A DLF senior finance executive told the publication that the development is in the process of securing approvals, adding that the building will be built and sold in phases, with the initial set of apartment units to be sold in the next three to four years.

The high-rise building will be DLF's first project under its new business model of selling housing units that are ready to be moved in, the Feb. 16 report noted. The Indian developer and GIC had earlier agreed to establish two joint ventures that will develop residential commercial projects on the site, with the Singaporean fund expected to inject 19.90 billion rupees into the joint ventures.

As of Feb. 15, US$1 was equivalent to 63.92 Indian rupees.